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@yentam said:
Hmm checked page 407 it says 6 months?Good shout Yentam! This applies to individuals; can you remember if the question related to an individual or a company?
There was a question about acquisition on the same day McQ
And maximum loss relief 62000 last q McQ
Premium don’t remember the answer though
Group relief, Pie only
Pet transfers McQ@flapper84 said:
Good shout Yentam! This applies to individuals; can you remember if the question related to an individual or a company?I think indivitual
In the Mcq The premium one I took only 1 month amount because it was leased out in March 2015, dont remember the answer though
Ok folks let me summarize MCQs and there correct answers (which we all agree)
1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Maximum penalty for careless return
Answer: 30%7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 6 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible.Any other questions you can think of? please add to this list. thanks.
@karnalahmed said:
In the Mcq The premium one I took only 1 month amount because it was leased out in March 2015, dont remember the answer though£700ish if time apportioned i think. I was unsure weather to time apportion so i didnt and picked £9kish typical!
@gawcram said:
I think indivitualThanks, so the answer is definitely 6 months and 100%?
@karnalahmed said:
In the Mcq The premium one I took only 1 month amount because it was leased out in March 2015, dont remember the answer thoughIsn’t that 50- (n-1)/ n formula
Or premium – 2./. (n-1 ) . Premium@mynameisearl said:
£700ish if time apportioned i think. I was unsure weather to time apportion so i didnt and picked £9kish typical!Probably but I could be wrong as well so can’t say 😛
Did everyone get TTP in the MR for Q6? I didnt and this is really bothering me as think its cost me lots of marks 🙁
@tayyabom said:
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Maximum penalty for careless return
Answer: 30%7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 12 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible.Any other questions you can think of? please add to this list. thanks.
5 and 6 are same it’s one question 8000 sales * 20./. *30./. Which is 480
@gawcram said:
Isn’t that 50- (n-1)/ n formula
Or premium – 2./. (n-1 ) . PremiumYes that’s the one but not sure if we had to time apportion or not but i did apportion and answer was 680 or 700 something like that
@mynameisearl said:
£700ish if time apportioned i think. I was unsure weather to time apportion so i didnt and picked £9kish typical!For the leased premium I didn’t time apportion; the question was “25 year lease granted for an 18k premium, how much of the premium is assessable in 2014/15”
I got an answer of £9360 for that one. Premium value less:
2% x premium amount x (lease period – 1 year)
@yentam said:
me too. I never knew to time apportion income on lease premiums. Saw 700 ish which was exactly 1 month and made sense but thought it was there to catch you out!If anyone has Kaplan textbook, page 91, it shows a lease granted part way through the year with no time apportionment. So I think its 9k ish
Yes i thought u time apportion if its an expense for u. But i know i get in muddle with the rules.
@flapper84 said:
Yes, I put trading and property incomeTime limits for individuals is 6 months after tax year end and 100% max penalty though – check hmrc website and bpp textbook.
UPDATED.
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 12 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible.Any other questions you can think of? please add to this list. thanks.
@tayyabom said:
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Maximum penalty for careless return
Answer: 30%7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 6 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible.Any other questions you can think of? please add to this list. thanks.
I agree with that lot!!!!
@yentam said:
yes it was same day shares first then the 10 remainingloss relief was the entire amount
pie only is what I had
Agreed
Share matching rules question, answer was to apply 350 shares purchased the same day and 10 shares purchased within 30 days
@tayyabom said:
UPDATED.
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 12 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible.Any other questions you can think of? please add to this list. thanks.
What were the other 5 questions my mind is blank
@flapper84 said:
For the leased premium I didn’t time apportion; the question was “25 year lease granted for an 18k premium, how much of the premium is assessable in 2014/15”I got an answer of £9360 for that one. Premium value less:
2% x premium amount x (lease period – 1 year)
Agree with that one too!!’
Don’t time apportion on premium. 9k is correct I believe – it’s a one off premium – not a monthly accrued figure.
@yentam said:
11) Question on loss relief – carry back around 62kAgreed. Spent a lot of time looking at it in the exam but that’s what I put!
@yentam said:
11) Question on loss relief – carry back around 62kI think I put 46k in that since profit was 46k or did I miss something
UPDATED
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 12 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible11)Share matching rules question
Answer: 350 shares purchased the same day and 10 shares purchased within 30 days
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